Chevron CEO stays past retirement age CFO to retire in

Chevron CEO stays past retirement age, CFO to retire in 2024

July 23 (Portal) – US oil giant Chevron Corp (CVX.N) announced sweeping management changes on Sunday, including the resignation of its chief financial officer next year and the extension of the mandatory retirement age for chief executive Michael Wirth.

CFO Pierre Breber, 58, will retire in 2024 and will be replaced by the company’s chief technology officer, Eimear Bonner. She will be only the second woman to be appointed chief financial officer in the company’s more than 140-year history.

Breber, who joined the company in 1989 as a financial analyst, has been chief financial officer for the past three years and previously managed the company’s refining and chemical businesses.

Bonner, 49, has been with Chevron for 24 years and became chief technology officer two years ago. Previously, she was general manager of Tengizchevroil in Kazakhstan, the company’s largest joint venture, which produces around 700,000 barrels of oil per day.

“We have a great executive who will serve as our next CFO: Eimear Bonner. She has managed large, complex companies. I’m very confident that she will be a great CFO,” Wirth said in an interview on Sunday.

Wirth, who turns 63 this year, has agreed to stay past the company’s statutory retirement age of 65, Chevron said in an announcement.

“My commitment to our investors was to deliver higher returns and lower carbon emissions. I want to make a lot more progress on both points,” he said.

The company announced several other senior leadership changes. Balaji Krishnamurthy, currently vice president of strategy and sustainability, will become vice president of the Chevron Technical Center.

Molly Laegeler, currently vice president of Chevron’s San Joaquin Valley business unit, will become vice president of strategy and sustainability. And Frank Mount, currently vice president of M&A and origination, will become vice president of business development.

Chevron beat Wall Street’s earnings estimate for the second quarter, it said in a separate filing. Refinitiv expects quarterly earnings of $3.08 per share, ahead of the consensus of $2.97 per share.

Chevron is expected to release full quarterly results on Friday.

Reporting by Mrinmay Dey and Shubhendu Deshmukh in Bengaluru; Adaptation by Cynthia Osterman and Diane Craft

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